Commissioner Of Income Tax vs M/S. Hindustan Bulk Carriers

The Supreme Court addressed the applicability of interest under Section 234B of the Income Tax Act, 1961, in relation to orders passed by the Settlement Commission under Section 245D. The Court held that interest is chargeable in specific scenarios outlined by the Special Bench, distinguishing between cases of regular assessments and those involving undisclosed income. The Court affirmed that the Commission's orders are conclusive and that the provisions of Chapter XIX-A constitute a complete code, thus clarifying the jurisdiction and the nature of assessments relevant to interest liability.